Crypto.com launched additional sports prediction markets nationwide Tuesday, amid ongoing legal questions surrounding similar offerings.

App and web users are now able to buy and sell derivative contracts that convert into $100 based on the outcome of NFL, NBA and UEFA Champions League seasons. For example, a Kansas City Chiefs championship contract currently costs $57, while Philadelphia Eagles bids cost $49. Traders can adjust or move out of their positions up until the kickoff of the Super Bowl. (The platform uses team names but no league marks).

In mid-January, the federal Commodity Futures Trading Commission, which regulates event-based contract offers, previously requested Crypto.com suspend trading on sports contracts as it reviewed whether they met legal standards. However, Crypto.com opted not to comply with the request, deciding to wait for a new administration under President Donald Trump to weigh in. On Monday, acting CFTC chair Caroline Pham announced “a series of public roundtables on evolving trends and innovation” including prediction markets, suggesting at least the possibility of a more permissive regime. 

Event contracts are explicitly not allowed to involve “gaming,” which is regulated by states, though the limits of what gaming entails remain somewhat undefined. Prediction market platforms argue they serve a different purpose than traditional sportsbooks. In theory, hotel or airline companies could use the markets to hedge against the impact of a sporting outcome, alongside individual speculators. Ultimately, the offering could compete with existing sportsbooks for customer dollars.

Last week another company, Kalshi, launched its own sports prediction markets, with a Super Bowl offering already nearing $1.5 million in volume. 

Kalshi has the lead in America’s nascent prediction market industry and is currently promoting the NFL market on its homepage, though it has other markets ranging from the actions Trump might take in his first 100 days to who will win at the Oscars. Robinhood also began offering event-based contracts, starting ahead of November’s elections. Kalshi is currently in the middle of a legal fight with the CFTC over its election prediction market—a case that could impact sports offerings as well.

Crypto.com might benefit in the competition from its brand awareness among sports fans, given existing sponsorship of the Los Angeles Lakers’ arena, the Philadelphia 76ers’ jersey, the UFC, F1 and the Champions League. Crypto.com also recently sponsored a one-off golf match featuring Rory McIlroy and Scottie Scheffler. Crypto.com’s December filing with the CFTC also hinted at the possibility of NHL or NCAA-related markets. Its sports platform presently allow users to trade in U.S. dollars or Bitcoin.

Over time, market offerings could expand to include more sports and more types of predictions beyond season-long champion predictions, depending in part on whether regulators allow or curtail the efforts. Maybe someone ought to set up a prediction market for that, too.